All eyes on RBI policy meetings

The short-term trend most recently bounced from support at 9,450 in late June

The index zoomed past 10,000 and closed above that level. Bulls continue to be enthusiastic. Corporate results have been average but institutional attitude has been enthusiastic. Foreign portfolio investors (FPIs) have bought and so have mutual funds (MFs) and domestic institutions. The breakout has been sustained and by definition, the long-term trend must be positive, given the succession of new highs.

The US Federal Reserve has a policy meeting this week. Traders expect the Fed to hold status quo after four successive hikes of the policy rate. 

The Reserve Bank of India (RBI) will take note of whatever the Fed